中国上市公司零杠杆之谜

零杠杆现象在国内外均不罕见。本文试图通过Logit模型从债务融资限制、宏观经济环境及未来投资机会三个方面研究有悖于传统资本结构理论的零杠杆现象存在并呈现逐年增加趋势的原因，以解读中国“零杠杆之谜”。     

公司运用财务杠杆存在的问题及其分析

财务杠杆是公司财务管理中的重要理财工具,合理利用财务杠杆可以达到降低资本成本、增加公司价值的目的。文章对公司如何合理安排资本结构、充分利用财务杠杆效应以及上市公司在运用财务杠杆方面存在的问题作了简要介绍和分析;最后就公司如何有效运用财务杠杆,提高公司利润提出了几点建议,目的是使公司管理者认识到财务杠杆的杠杆效应。     

资本结构的选择衡量与管理

资本结构的选择受多种因素的影响,财务杠杆利益是衡量公司资本结构优劣与否的标准,公司要在复杂的内外部环境影响因素下选择适合本公司的资本结构,取得理想的财务杠杆利益,则需要加强对公司资本结构的管理。     

I工杆收购融资结构及效应分析

杠杆收购（Leveraged buyout，LBO）源于20世纪60年代美国，是80年代全球第四次并购浪潮中最具影响的一种特殊并购模式，目前已成为全球金融不可或缺的基本工具。杠杆收购作为一种金融创新工具，通过对最小自有资本以小博大、高风险、高收益、高技巧的资本运作实现最快速的企业扩张。杠杆收购促使垃圾债券、过桥贷款、私募基金、风险资本等金融工具的涌现和盛行，并通过改善公司治理结构、降低代理成本、提高资本效率等方式创造特殊的股东价值。1988年的美国KKR公司并购总金额达250亿美元RJR纳贝斯克公司，更是有史以来规模最大、最具神话特色的杠杆收购案。     

股权结构对资本结构影响的实证分析

本文以978家上市公司1998年～2006年的数据,对股权结构对资本结构的影响做了实证分析。结果发现股权结构对公司的资本结构是有着显著影响的。股权集中度与杠杆比率呈反比关系,管理层持股比例、流通股比例与杠杆比率呈正比关系。国有公司和民营公司在总的负债方面没有差别,但是国有公司的长期负债显著高于民营公司。另外随着公司规模的增加,公司的杠杆比率显著升高。     

杠杆收购在我国实施的障碍及对策分析

实施杠杆收购需具备成熟的资本市场做支撑,找到合适的目标公司,并进行有效的整合及重塑公司价值。杠杆收购在我国一直没有发展起来的原因是法制不健全、资本市场不发达和目标企业选择困难等。目前我国可以以具有中国特色的形式实施杠杆收购,完善相关法律体系,促进资本市场的发展,加强政府的监管,然后随着发展的深入再逐渐与国际接轨。     

浅谈财务杠杆在企业中的实际应用

财务杠杆是企业财务管理的重要手段,合理利用财务杠杆有利于优化企业资本结构,实现对资本的有效利用,增加企业利润。影响财务杠杆效应的因素有销售增长率、企业资本结构、企业特征和公司治理状况等内部因素,也包括宏观经济政策、行业特征、产品市场情况、贷款人等外部因素。同时,企业在实际运用财务杠杆时要合理分析企业状况,防止由于过度使用财务杠杆对企业经营带来不利影响。     

企业资本结构优化问题研究——以明成纺织公司为例

文章首先对企业资本结构优化的目的和意义作了介绍,又对资本结构相关概念进行了阐述,同时还以明成纺织公司为例,分析了资本结构现状以及存在的主要问题.最后针对公司资本结构存在的问题提出要调整资产结构、增强资产流动性、调节资产负债率、充分发挥财务杠杆效益、努力发展债券市场等对策.     

关于杠杆收购的几点思考

杠杆收购是指一个公司进行结构调整和资产重组时,运用财务杠杆,主要通过借款筹集资金进行收购的一种资本运营活动。本文在对杠杆收购的内涵和特点进行分析的基础上,从积极和消极两个方面阐述了实施杠杆收购的意义,探讨了杠杆收购应具备的条件和给我国企业的资本运营带来的若干启示。     

医药类上市公司资本结构影响因素的实证分析

本文根据资本结构影响因素理论,采用沪市42家医疗保健类公司2001~2004年的面板数据,从公司内部因素的角度进行回归分析。结果表明企业规模、资产担保价值与杠杆比率正相关,获利能力与杠杆负相关,而成长性、收入波动性、非债务类税盾对资本结构影响不显著。     

金融部门人力资本配置与实体企业金融资产投资

在实体经济“冷”与虚拟经济“热”的大背景下,中国实体企业投资于金融资产的比例快速提升,经济金融化格局正在加速形成。本文试图从金融部门的人力资本配置视角对实体企业金融资产配置的形成逻辑进行诠释。本文以人均受教育年限来衡量金融部门的人力资本配置,采用2008年经济普查微观数据库的数据构造地级市层面的度量指标,并匹配至2009—2018年非金融类上市公司进行实证检验。计量结果显示,金融部门的人力资本水平越高,实体企业金融资产配置越多,且该效应在信息不对称企业中尤为显著。进一步的机制检验发现,在金融部门人力资本提高的条件下,实体企业债务期限显著缩短,具体表现为短期负债增加而长期负债减少。本文研究结论表明,人力资本偏向金融部门增强了其在信贷合约中的市场势力,信贷供给短期化是实体企业金融化的重要原因之一。     

Capital structure of Chinese listed SMEs: an agency theory perspective

Prior work examining the antecedents of capital structure for small and medium-sized enterprises in emerging markets is limited. This paper sheds light on how the corporate governance mechanisms adopted by firms on the newly established Growth Enterprise Market (GEM) in China influence their use of debt. We find that the financial leverage of GEM firms is positively influenced by executives’ shareholding and their excess cash compensation. Ownership concentration appears to reduce leverage, whereas the percentage of tradable shares increases leverage. In contrast, institutional investors’ shareholding does not influence the level of debt. Traditional factors such as tax and operating cash flow are insignificant in explaining the debt levels among GEM firms.     

The impact of firm and industry characteristics on small firms’ capital structure

We study the impact of firm and industry characteristics on small firms’ capital structure, employing a proprietary database containing financial statements of Dutch small and medium-sized enterprises (SMEs) from 2003 to 2005. The firm characteristics suggest that the capital structure decision is consistent with the pecking-order theory: Dutch SMEs use profits to reduce their debt level, and growing firms increase their debt position since they need more funds. We further document that profits reduce in particular short-term debt, whereas growth increases long-term debt. We also find that inter- and intra-industry effects are important in explaining small firms’ capital structure. Industries exhibit different average debt levels, which is in line with the trade-off theory. Furthermore, there is substantial intra-industry heterogeneity, showing that the degree of industry competition, the degree of agency conflicts, and the heterogeneity in employed technology are also important drivers of capital structure.     

后疫情背景下金融机构开展服务科技型中小（微）企业融资的探索与实践：以浙江为例

由于新冠肺炎疫情的持续影响，科技型中小（微）企业面临着资金周转和融资难的困境，财务脆弱性风险较为明显。这其中既有企业内部的原因，也有社会经济环境、市场状况和金融服务等外部环境因素。本文将对后疫情背景下金融机构服务和促进科技型中小（微）企业融资问题进行理论溯源，并以浙江为例，分析金融机构服务科技型中小（微）企业融资实践中面临的难题，并提出建立风险偿债基金、构建多层次信息平台、将人力资本作为授信额度担保的重要依据、聚焦创新创业生态体系建设等对策和建议，以期助力科技型中小（微）企业“转危为机”，推动投融资服务转型升级。     

Family firms and debt: Risk aversion versus risk of losing control

This study examines the effect of family management, ownership, and control on capital structure for 523 Colombian firms between 1996 and 2006. The study finds that debt levels tend to be lower for younger firms when the founder or one of his heirs acts as manager, but trends higher as the firm ages. When family involvement derives from direct and indirect ownership, the family–debt relationship is positive, consistent with the idea that external supervision accompanies higher debt levels and reduces the risk of losing control. When families are present on the board of directors (but are not in management), debt levels tend to be lower, suggesting that family directors are more risk-averse. The results stress the tradeoff between two distinct motivations that determine the capital structure of family firms: risk aversion pushes firms toward lower debt levels, but the need to finance growth without losing control makes family firms to prefer higher debt levels.     

Cost of capital and public loan guarantees to small firms

In this paper, we study the determinants of the spread charged by banks under a UK policy intervention scheme, aimed at supporting access to the credit market for small firms through guarantee backed loans. We exploit a unique dataset containing data on 29,266 guarantee backed loans under the UK SFLG scheme over the period 2000 to 2005. Results suggest that lower spreads are offered for loans of larger amounts and higher durations, for service firms, for larger firms, and for those located in the most advanced regions. Higher spreads are applied to high-tech manufacturing firms and to loans issued for working capital purposes. We also find that the presence of other extant debt is associated with a relatively higher spread and that this effect is especially significant for the subset of firms that have reached a maximum debt capacity based on collateralized assets. Further, we also find that the higher the incidence of the publicly guaranteed debt over the total amount of outstanding loans, the lower, on average, the spread. However, an increase in the guaranteed coverage leads to a contraction in the spread only for loans aimed at covering working capital needs rather than investments.     

Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel Data

This article utilises up-to-date financial panel data, and investigates the capital structure of small and medium sized enterprises (SMEs) in the U.K. Different capital structure theories are reviewed in order to formulate testable propositions concerning the levels of debt in small businesses, and a number of regression models are developed to test the hypotheses.The results suggest that most of the determinants of capital structure presented by the theory of finance appear indeed to be relevant for the U.K. small business sector. Size, age, profitability, growth and future growth opportunities, operating risk, asset structure, stock turnover and net debtors all seem to have an effect on the level of both the short and long term debt in small firms. Furthermore, the paper provides evidence which suggest that the capital structure of small firms is time and industry dependent. The results indicate that time and industry specific effects influence the maturity structure of debt raised by SMEs. In general terms, average short term debt ratios in SMEs appear to be increasing during periods of economic recession and decrease as the economic conditions in the marketplace improve. On the other hand, average long term debt ratios exhibit a positive relationship with changes in economic growth.     

Banking sector reforms and corporate leverage in emerging markets

Using a large panel of non-financial firms in emerging markets, we study the relation between detailed measures of banking sector reforms and corporate leverage. We find that banking sector reforms are associated with lower corporate debt in emerging market firms, consistent with the notion that these reforms improve banks' risk management and result in tighter lending standards, leading firms to use less bank debt in their capital structure. These effects are less pronounced for financially constrained firms, suggesting a relative increase in the supply of bank credit to firms which were rationed prior to the banking sector reforms.     

The Effects of Ownership Structure on Corporate Financing Decisions: Evidence from Stock Market Liberalization

We analyze the impact of firm‐specific stock market liberalization events on the capital structure and debt maturity decisions of firms from emerging market economies. We differentiate between firms based on their ownership structures at the time of liberalization and analyze their post‐liberalization behavior regarding corporate financing decisions. Our empirical results show that single–class‐share firms (typically with stronger corporate governance and better information environments) respond differently to their dual–class‐share counterparts. Liberalization results in lower debt reliance for the former group while the latter lengthen the maturity of their debt portfolios. Jel Classification: F30; G15; G32.     

平衡计分卡在我国中小企业中的运用——以ML公司为例

当前,我国经济发展不断加速,信息科技发展较快,企业与企业之间的竞争日渐激烈。像过去那样,依赖竞价手段获得企业成功的案例已经难以见到。当前企业的竞争是综合能力的竞争,涉及诸如品牌、技术、人才、财务、规模、创新等各个方面。因而,过去的基于财务指标的绩效管理体系已经不适用于当前的大多数公司了。面对这样的实际变化,眼界开阔、资本雄厚的大型企业在绩效评价上已经做出了超前的改革。但目前无论在哪个国家,中小企业的数量抑或是对经济增长的推动都高于大型企业。因而,帮助中小企业适应如今的市场竞争模式,为其找到一个良好的绩效管理方式,帮助中小企业良性发展是当前经济发展的重中之重。而面对如此复杂的市场竞争环境,综合多个角度考量的平衡计分卡方法就是解决这一问题的最优解。但是一味地照搬照抄是不现实的,因而本文基于平衡计分卡的应用再结合我国中小企业的实际,分析了当前中小企业运用平衡计分卡的隐患,并提出相应的解决方法,希望为中小企业和平衡计分卡方法“牵线搭桥”。